04 November 2008 04:52 [Source: ICIS news]
By Hong Chou Hui
SINGAPORE (ICIS news)--Asia’s polyester makers are keeping a wary eye on the outcome of the US presidential elections today amid concerns of a protectionist shift in government policy, said Asian producers and traders on Tuesday.
Both the ?xml:namespace>
Exports of PET bottle chips from
This has provided makers from both countries with lucrative margins when selling to the US, while PET sellers from Korea, Taiwan and China pay an import tax of between 5-6% on the value of their cargoes, said an executive from Taiwanese PET bottle chip producer, Far Eastern Textile, in Mandarin.
“The US PET industry is one of the key supporters of this GSP review as it has been facing stiff competition from cheaper imports. We are doing all we can in the appeal to keep
Obama was more likely to be pre-disposed to protecting the
The possible removal of
“We could all be jostling for a slice of the same pie if the GSP is revoked.
Prices for PET bottle chips from India softened by $125-130/tonne to a four-year low of $875-910/tonne FOB India for the week to 31 October from the previous week’s level of $1,000-1,040/tonne FOB India on the back of offers and thin trades, based on global chemical markets intelligence service ICIS pricing.
“I don’t think the
PET bottle chips are used to manufacture bottles for consumer goods such as drinking water and cooking oil.
Judith Wang contributed to this article.
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